CFCS CFCS Cybercrime & Digital Forensics 3

Question 1

What role does a 'money mule' typically play in cyber-enabled financial crime?

Accepted Answer

Receiving and forwarding stolen funds to obscure the money trail

Answer

Money mules receive stolen funds in their accounts and transfer them onward, often unknowingly, serving as a critical layer of obfuscation in cyber-enabled laundering schemes.

Question 2

Under US law, which reporting obligation requires financial institutions to report cyber incidents that affect critical operations within 36 hours?

Accepted Answer

Computer-Security Incident Notification Final Rule (OCC/Fed/FDIC)

Answer

The Computer-Security Incident Notification Final Rule requires US banking organizations to notify their primary federal regulator within 36 hours of a significant computer-security incident.

Question 3

What is 'credential stuffing' and how does it enable financial crime?

Accepted Answer

Using automated tools to test stolen username/password pairs against financial institution login portals

Answer

Credential stuffing uses bots to automatically test large volumes of stolen login credentials against financial institution websites to gain unauthorized account access.

Question 4

Which cryptocurrency characteristic makes it attractive for financial crime compared to traditional banking?

Accepted Answer

Pseudonymity and the ability to transact across borders without intermediaries

Answer

Cryptocurrency's pseudonymous nature and lack of mandatory intermediaries allow cross-border value transfer with reduced identity verification requirements, appealing to those seeking to avoid AML controls.

Question 5

What is 'SIM swapping' and what financial crime does it typically facilitate?

Accepted Answer

Fraudulently transferring a victim's phone number to a criminal's SIM to intercept authentication codes and take over accounts

Answer

SIM swapping involves social engineering a mobile carrier to transfer a victim's phone number to a criminal-controlled SIM, enabling interception of SMS-based two-factor authentication codes.

CFCS - Certified Financial Crime Specialist Practice Test

CFCS - Certified Financial Crime Specialist Practice Test

CFCS CFCS Cybercrime & Digital Forensics 3